With the VIX finishing the week out at 16.66, next week is setting itself up to be a less than sexy week for premium selling, particularly in broader market instruments like SPY , IWM , QQQ , and DIA .

Moving to other sectors, the Brazil ETF , EWZ continues to be hot premium selling wise, with an implied volatility rank of 72. A couple of issues in the oil and gas space follow closely behind in the 70+ club ( UNG (implied vol rank 72); RIG (71)); with several gold plays remaining in the 60s ( GDXJ , GDX , GG ).

From there, volatility in individual underlyings and/or ETF's slips off somewhat dramatically, with only a few in the 50-60 range (X at 57; ORCL , 57 (one of this season's last earnings plays); CAT, 55 (earnings afterglo vol ); and GLD , 52; with the remainder of most highly liquid, options playable issues slipping below 50 thereafter.

Given the fact that I'm in a gold play, in EWZ , and have exposure to oil , I don't see myself putting on a heckuvalot of new trades next week. That's not all bad; these little volatility lulls make for a good time to do housekeeping on the various messes I created during the last volatility wave, clean up the earnings plays that didn't work out this past season, and/or dry out powder for the next volatility spike or whatever comes next ... .

Naturally, should VIX spike to plus 25, I'll be right back in it with some new plays to take advantage of that. In the meantime, a cleaning of my trading "garage"/"basement"/"backyard" is overdue.